Crossover Markets Supports Hidden Road To Enable Crypto Trading
- In a new partnership, Hidden Road customers will receive access to Crossover Markets’ crypto trading platform.
- Customers must have a credit sponsor to trade on Crossover’s execution-only platform.
- The collaboration’s goal is to eliminate conflicts of interest by isolating transaction execution from custody and brokerage.
Crossover Markets Group, a digital asset trading technology startup focused on serving the particular liquidity needs of institutions in cryptocurrency markets, has announced a collaboration with Hidden Road, a worldwide credit network for institutions.
Hidden Road customers will benefit from expedited access to CROSSx, Crossover’s execution-only crypto electronic communication network (ECN), for the purpose of performing spot cryptocurrency transactions as a result of this collaboration. CROSSx is driven by the most powerful matching engine in the industry and incorporates order logic that allows customers to choose who they wish to trade with.
Customers must have a credit sponsor to trade on Crossover’s execution-only platform. Customers, unlike centralized exchanges, cannot establish an account and transfer money since there is no settlement or exchange option, just execution.
Crossover seeks to prevent conflicts of interest by detaching trade execution from custody and brokerage, allowing institutions to freely choose their credit counterparties. As the institutional of digital assets grows, Hidden Road is the first partner onboarded and accredited by CROSSx to offer prime brokerage services for spot cryptocurrency trades.
Crossover Co-Founder and CEO Brandon Mulvihill stated:
“We believe this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease the costs of trading. In this environment, only the truly elite trading technologies will win, so this collaboration is naturally synergistic for Crossover and our flagship product, CROSSx.”
There are already 50 clients aboard, with 60% coming from TradeFi firms and the remainder being crypto-native join.
Crossover Markets is a digital asset trading technology company that focuses on solving the specific liquidity needs of institutions in the spot and derivative cryptocurrency markets.
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